Texas Insurance Code

§ 886.102 — APPLICABILITY OF TEXAS NON-PROFIT CORPORATION ACT

IN § 886.102Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part E. MUTUAL AND FRATERNAL COMPANIES AND RELATED ENTITIES · Ch. 886. LOCAL MUTUAL AID ASSOCIATIONS · Art. C. POWERS AND DUTIES OF ASSOCIATION

Statute text

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(a)Except to the extent of any conflict with this code, the Texas Non-Profit Corporation Act (Article 1396-1.01 et seq., Vernon's Texas Civil Statutes) applies to a local mutual aid association. The commissioner has each power and duty of, and shall perform each act to be performed by, the secretary of state under that Act with respect to local mutual aid associations.

(b)On advance approval of the commissioner, a local mutual aid association may pay dividends to its members.

Legislative history

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.